Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 88,426	$ 1,639
Prepaid expenses and other current assets	3,225	967
Total current assets	91,651	2,606
Deferred transaction costs	0	3,146
Restricted cash	500	0
Other non-current assets	691	410
Total assets	92,842	6,162
Current liabilities:
Accounts payable	3,680	1,560
Accrued expenses and other current liabilities ( including $37 and $85 due to a related party)	3,971	2,195
Convertible promissory notes, net of discount of $1,298 (including $0 and $18,670 due to a related party)	0	19,541
Derivative liabilities (including $0 and $995 due to a related party)	0	1,042
Tranche liability (including $0 and $331 due to a related party)	0	365
Total current liabilities	7,651	24,703
Royalty obligation - related party	32,076	32,076
Total liabilities	39,727	56,779
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock, $0.00001 par value, no shares authorized, issued and outstanding as of June 30, 2025; 75,151,340 shares authorized as of December 31, 2024; 43,151,340 shares issued and outstanding as of December 31, 2024; liquidation preference of $0 as of June 30, 2025	0	45,999
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025; no shares authorized, issued, and outstanding as of December 31, 2024
Common stock, $0.0001 and $0.00001 par value as of June 30, 2025 and December 31, 2024, respectively; 300,000,000 and 86,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 18,702,418 and 1,356,431 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	2	0
Additional paid-in capital	191,220	19,945
Accumulated deficit	(138,107)	(116,561)
Total stockholders' equity (deficit)	53,115	(96,616)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 92,842	$ 6,162